Northrook, IL -- (SBWire) -- 03/04/2020 --The multifactor authentication market to grow from USD 6.0 billion in 2016 to USD 12.5 billion by 2022, at a compound annual growth rate (CAGR) of 15.52% during the forecast period.
The major factors that are expected to be driving the multifactor authentication market are increase in data breaches & cyber-attacks and growing adoption of bring-your-own-device (BYOD) among enterprises. The objective of the report is to define, describe, and forecast the multifactor authentication market size based on model, application, technology and region.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=877
Market Dynamics
Driver: Growing adoption of bring-your-own-device (BYOD) among enterprises
Automotive The growing bring-your-own-device (BYOD) movement continues to draw authentication concerns for the enterprise security, which is dealing with the ways to seal the cracks that exist between employee authentication and enterprise security.
Companies can implement MFA to allow employees and consultants to use BYODs to access firm applications securely while saving on company-issued devices. For easy onboarding, firms can implement MFA to manage employee access on enterprise applications. In the context of providing high security, secure authentication and authorization of a user are as crucial as applying strong authentication techniques/methods to protect the user's personal information, where in the end, the security of the whole infrastructure is involved. Thus, the growing adoption of BYOD concept acts as a driving factor for the growth of MFA market.
Restraint: Increasing response time in higher order authentication models
The average time required to handle a single query for two-factor authentication systems is less, as compared to that of three-, four-, and five-factor authentication. Authentication system has to be simple and perfect, to implement it successfully. Authentication systems with multiple factors are being designed and prototyped with the advancement of technology, but this would increase the time required to handle a single query as it would involve multiple processes for the authentication of data or user. As a result, this would result in long queues and increase service/response time. The impact of this restraint is currently high but will reduce in the future because of the ease in access techniques.
Opportunity: Demand for MFA for data security in the cloud environment
The adoption of cloud is rapidly increasing among industries, giving rise to many security challenges for the cloud service providers and other ecosystem vendors, especially in dealing with the complexity of privacy and data protection regulations. To guarantee the security and safety of data on the cloud, the cloud service providers are adopting technologies such as tokenization, biometric authentication etc. by implementing various models of MFA which can provide authentication for the safety of data stored on the cloud. The demand for MFA for securing the data and information on the cloud environment is likely to provide huge opportunities to MFA solution providers and the cloud service providers.
Request Free Sample Pages:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=877
Challenge: Uncertainty and pushback from end users
The general perception is that there has never been a serious security breach, which requires robust authentication methods. This ignorance results in the lesser adoption of MFA solutions for the authentication purpose, which acts as a major challenge in the MFA market. Small and mid-size organizations find it difficult to integrate the existing IT infrastructure with the MFA solution. Thus, the uncertainty and pushback from end users for the adoption of MFA solutions act as a major challenge for the MFA market.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Multifactor Authentication (MFA) Market and Its Key Opportunities and Challenges
The Multifactor Authentication Market is estimated to grow from USD 5.2 billion in 2016 to USD 12.5 billion by 2022, growing at a CAGR of 15.5% during the forecast period, as per a report by MarketsandMarkets.